The FMBS and the Chair of the Financial Management Board (FMB) have the mandate for managing and controlling the financial, human and information resources of the government and for providing information to the Financial Management Board and ensuring that the government's financial, human and information resources are managed in an effective, efficient and economical manner.
The Standing Committee on Governance and Economic Development reviewed the 2000-2003 business plans and draft main estimates for the FMBS on Friday, May 26, 2000. The committee noted a $7,123,000 or a 39 percent increase in total operations or operations and maintenance expenditures between the 1999-2000 main estimates and the 2000/2001 proposed main estimates. The committee also noted a $66,000 or a 12 percent increase in total capital expenditures between the 1999-2000 main estimates and the 2000/2001 draft main estimates. Committee members also noted the significant increase of 30 positions; an overall 26 percent increase in staff in the Secretariat, Mr. Chairman.
The committee encourages the government to review and consider options to reduce our accumulated debt and operating deficit. Committee members are of the position that given our financial proximity to our debt wall or borrowing limit, the government is not taking enough effective action to lower our debt. The committee would like to be informed in advance of any debt management initiatives that may be considered for implementation by this government. Committee members were also concerned with regional capacity building and third party accountability. The committee, throughout the review exercise, emphasized that public safety should be considered first in any regional or community capacity building initiative.